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Double Acting Hydraulic Cylinders Market to Hold Close to 50% Market Share From 2021-2031
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Demand for hydraulic cylinders waned in 2020 due to the COVID-19 pandemic. However, demand for mobile industrial equipment is in a recovery mode, which bodes well for the sales of these cylinders in future. Considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
Key Takeaways from Market Study
• Demand for hydraulic cylinders is increasing with rise in industrial and mobile equipment production and sales over the past few years due to increase in investments and expansion of new industries in developing nations.
• Due to the need for mass production, process automation has become a strong trend in the hydraulic cylinder market of late. The market is shifting towards Industry 4.0 norms, leading to the promotion and almost universal adoption of new technologies.
• There is increasing demand from construction and agriculture industries for deployment of modern equipment for various applications.
• Increasing number of players focusing on R&D related to hydraulic cylinders is anticipated to have a significant contribution to market growth over the years to come.
• Double acting hydraulic cylinders to hold over 48% of market share.
• Mobile equipment is projected to hold over 66% overall market share, as an application, by 2031-end.
• The global hydraulic cylinder market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -4.5%.
• The market in India and China is set to surge at around 7% and 6% CAGR, respectively, over the next ten years.
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Competitive Landscape
The market is moderately consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Bosch Rexroth AG, Actuant Corporation, Eaton Corporation, Parker Hannifin Corp, Caterpillar Inc., Jiangsu Hengli Hydraulic Co., Ltd., HYDAC, Wipro Enterprises Limited, SMC Corporation, and Liebherr Group.
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